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Income Tax : Understand the revised 2% TDS rate on rent from Oct 1, 2024. Learn the correct rate, avoid overpayments, and claim refunds for exc...
Income Tax : Bombay High Court rules on tax evasion by Buniyad Chemicals, addressing unexplained credits, money laundering, and regulatory acti...
Income Tax : Understand the New Income Tax Bill 2025, key policy changes, structural revisions, and interpretation methods. Learn how these upd...
Income Tax : Article explores effectiveness and influence of Bilateral Investment Treaties (BITs) on FDI flows with particular emphasis within ...
Income Tax : Learn about deductions allowed under Section 57 of the Income Tax Act, 1961, for income from other sources, including family pensi...
Income Tax : CBDT invites stakeholder suggestions on simplifying Income Tax Rules and Forms under the Income Tax Bill, 2025. Submit feedback vi...
Income Tax : India's direct tax collections for FY 2024-25 show a 13.13% net growth, with gross collections up by 16.15% and significant gains ...
Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...
Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws with no major policy changes. It enhances clarity, reduces ambiguities, and ali...
Income Tax : ITAT Delhi affirms PCIT’s order under Section 263, ruling AO’s assessment erroneous & prejudicial to revenue. Key precedents c...
Income Tax : ACIT vs Prashant Prakash Nilawar case where ITAT Mumbai dismissed Rs. 17 Cr addition based on WhatsApp messages without concrete e...
Income Tax : ITAT Ahmedabad dismisses ITO's appeal against Sun Gold Capital Ltd due to low tax effect under CBDT Circular 09/2024. Key issues i...
Income Tax : Analysis of ITAT Ahmedabad's ruling in Rakesh Saxena Vs PCIT. The tribunal upheld the revision order, treating VRS benefits as tax...
Income Tax : Madras High Court quashes assessment order citing lack of proper notice and violation of natural justice for a non-resident taxpay...
Income Tax : Guidelines for Assessing Officers on handling high-risk e-Verification cases under the e-Verification Scheme 2021, including steps...
Income Tax : CBDT allows data sharing with Delhi's IT Dept. for social welfare scheme identification under Income Tax Act Section 138. Read the...
Income Tax : CBDT issues FAQs on revised guidelines for compounding offences under Income Tax Act, 1961. Covers filing procedures, fees, compet...
Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Discover how the Finance Bill 2023 aims to support the growth of Indias economy in Amrit Kaal with income tax and GST proposals. Find out the highlights of these proposals now.
Section 155(14) provides that if any claim of TDS is left at the time of filing of income tax return and assessee subsequently comes to know of any tax deducted by a party but not informed till the date of filing of income tax return, and subsequently the said TDS is also reflected in Form 26AS, then assessee should file revised income tax return and claim TDS.
HC set aside reassessment order against assessee, for non-supply of information/ material by Revenue Department for reopening of assessment.
An amendment made to Section 43B of the Income Tax Act, 1961, has amended that payments made to Micro, Small and Medium Enterprises (MSMEs) that are not made within the due date i.e 45 days, will not be eligible for a deduction.
Section 87A is amended to give rebate to those who adopt New Tax Regime by allowing the entire tax up to Rs. 25,000 as deduction for those whose income is Rs. 7,00,000 or below, while for those who adopt the Old Tax Regime the existing deduction of the tax is up to Rs.12,500 and the income limit of Rs. 5,00,000 is continued.
Take advantage of Section 54 of the Income Tax Act of India get tax exemptions on capital gains when you invest in a new residential property
The taxpayer is required to pay tax if his income does not exceeds Rs .500000/- in both old and new regime. This limits of 500000/- has been increased to 700000/- to taxpayers who opt new tax regime.
Under the new Union Budget 2023, salaried taxpayers will now get the benefit of Standard Deduction of Rs.50000. Get clarity on this tax deduction proposed by Honorable Finance Minister Smt. Nirmala Sitharaman Ji now!
Where an assessee declares profits and gains of business for any previous year in accordance with the provisions of presumptive taxation, no set off of unabsorbed depreciation and brought forward loss shall be allowed to the assessee for such previous year.
Learn how Budget 2023 will increase the TCS on overseas tour packages, as provided in Section 206C and sub-section (1G) of the Act. %keyphrase
